On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for utility bills and phone payments to be furnished to credit reporting agencies to help consumers raise their credit scores. This is an effort to address an issue highlighted by the CFPB Office of Research that estimated 26 million Americans are “credit invisible,” meaning they do not have a credit history with any of the three national credit reporting agencies.
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For a lot of lenders, especially newer fintechs, who have spent the last two years originating loans and lines of credit, the obvious collections strategy solution to the challenge of an influx of charged-off or delinquent accounts is to use third-party collections agencies to handle delinquent and charged-off accounts.
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MANASQUAN, N.J. and SAN DIEGO, Calif. -- Connect1, Business Consultants specializing in accounts receivable, technology, customer care and call center management, is proud to announce that, effective October 1,2022, all broker services will be powered by Debtfolio! The entire sales process can now be managed from start to finish with powerful software that creates consistent and easy file mapping, an audited and controlled bidding process, document retention and retrieval, chain of title, and de-duplication processes all in one platform.
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